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Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

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Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#81
post #58

Earlier quoted context omitted.

The only way to make money investing in Bitcoin is to convince a greater fool to buy your coins for more than you paid for them. And that greater fool must in turn convince an even greater fool, etc, etc It's not a Ponzi, but it has similar dynamics to a Ponzi in that you can only gain money through other people losing money.

Why does it have to be about making money? Bitcoin is a currency, not an investment. That's where a lot people get confused.

The overwhelming majority of holders of Bitcoin disagree with you.

It's a garbage currency - fees are too high, transfers too slow. It's a garbage technology that encourages wanton energy wastage. Its only "value" is as an investment.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#82

[flagged]

Off Topic: is baybal2 shadow banned on specific topics, or do their comments need to be actively allowed by a moderator or something?

Everything is flagged as dead and they're harmless comments, but some comments occasionally are allowed.

baybal2, if you're reading this: there's an issue.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#83

Earlier quoted context omitted.

[flagged]

mostly minded its own business funding militias warring in other countries, developing nuclear weapons, etc etc some interesting nonsense on HN some days.

Any government which takes itself seriously will work on developing their own supply of nuclear weapons.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#84
post #48

Earlier quoted context omitted.

Your answer is only part of the truth. Though Russia had lots of welwishers in Bulgaria, the heavy indoctrination happened during the communist rule 1945-1989. Many people whose best years were during this period are still alive and many are disappointed by the failures of the post 1989 governments. The topic is complex and filled in with lots of propaganda, so I won't get into disputes, just giving additional contex…

Agreed 100%. You'll find that sentiments towards Russia vary greatly depending on how old people are. Pro-Russia attitudes are aging out. I'm OK with that. Now we've got a generation of youth coming to power who get their world view from social media and thus see reality objectively.

> Now we've got a generation of youth coming to power who get their world view from social media and thus see reality objectively.

That's a terrifying idea tbh.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#85

It feels like the skeptics, who were pointing out last year that the rates on crypto yield products, were too good to be true, had a point. That's Celsius, Voyager, Blockfi, Genesis and now nexo all in some level of financial/legal trouble. The question is how much is still to be uncovered.

All of them are liars by definition. We know they are all insolvent. Crypto doesn’t create any value, like with an investment in a regular business. So that must mean any profit is just money from the latest “unfortunates” that were foolish or desperate enough to buy in.

> Crypto doesn’t create any value, like with an investment in a regular business.

Generally, I agree that a lot of "cryptocoin" usages are basically fraudulent and scams. Some of them are nothing more than "bragging rights" aka "look at me, I'm rich enough to waste 100 bucks on an NFT by the 45th" or that time when Twitter allowed one to display an NFT as a profile picture.

There is one legitimate usage for cryptocurrencies however: anonymity. The amount of traceability that banks, secret services and police have into our lives simply by mapping our transaction activity is insane. Unfortunately, Bitcoin has way too much of an energy consumption and too high latency for mainstream usage outside of drug deliveries via dark web marketplaces, and the alternatives are way too volatile even compared to Bitcoin.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#86
post #50

Earlier quoted context omitted.

and yet Bitcoin is up 10% so far this year

[flagged]

> Majority here at HN seems to lack any intellectual curiosity on this topic though and are just rabidly opposed to anything crypto related. Ironic given how many tech start ups basically just operate as pump and dump schemes that create little to no real value either.

Agreed. It's doubly ironic as Coinbase probably wouldn't exist but for Y Combinator.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#87
post #48

Earlier quoted context omitted.

Your answer is only part of the truth. Though Russia had lots of welwishers in Bulgaria, the heavy indoctrination happened during the communist rule 1945-1989. Many people whose best years were during this period are still alive and many are disappointed by the failures of the post 1989 governments. The topic is complex and filled in with lots of propaganda, so I won't get into disputes, just giving additional contex…

Agreed 100%. You'll find that sentiments towards Russia vary greatly depending on how old people are. Pro-Russia attitudes are aging out. I'm OK with that. Now we've got a generation of youth coming to power who get their world view from social media and thus see reality objectively.

"view from social media and thus see reality objectively."

It all seemed fair until this fragment. Nothing about social media is objectively true. The advantage of social media (hopefully) is that's you're exposed to people from a variety of cultures so that you can choose who's subjective truths to believe in. It's better than powerful single voices influencing the ignorant using mass media though.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#88
post #7

Earlier quoted context omitted.

In this case it's reportedly only Bulgarians: > Mileva said that the people under investigation were Bulgarian nationals and the company, which she repeatedly described as a “cryptobank”, was operating primarily from Bulgaria. However there are lots of very pro-Russia Bulgarians (hard to explain after everything that has happened, but still..), so your point generally stands.

> However there are lots of very pro-Russia Bulgarians (hard to explain after everything that has happened, but still..), Here is an excerpt from wiki which explains why some in Bulgaria are still "pro-russia": "The Western European Enlightenment in the 18th century influenced the initiation of a national awakening of Bulgaria.[63] It restored national consciousness and provided an ideological basis for the liberatio…

The thing is though, right after liberation, the Russians started shitting the bed by sending incompetent fools (did Tsarist Russia even have anything else?) to Bulgaria to rule. Then they sponsored multiple coups against the first Prince of Bulgaria who they thought was a German puppet based on his origins, without even bothering to ask him. Then they sabotaged Bulgaria's unification and defence against Serbia efforts by abandoning the army. Then after a successful (in ousting the prince, but not in anything else because again, the people running it were as incompetent as it could be) coup, he was asked to return but he thought the only way he could would be with Russia's acceptance, which the Russia didn't give. Then Russia, for some weird reason only their incompetence can explain, refused to recognise the regency council looking for a new head of state (which first went to them expecting them to nominate a Russian prince).

I could go on, but basically Russia's goodwill was spent in the first few decades of them incompetently and arrogantly bumbling around and making it extremely hard for the young optimistic nation which was really looking towards Russia as the big helpful brother and desperately needed help to survive.

Today you can also add 50 years of imposed socialism, which had its ups and downs (massive industrial, education, sport advancements) but was imposed and kept with tanks, and Russia's aggressive and imperialist foreign policy which directly results in tens of thousands of deaths. Why the fuck would anyone still think Russia is the good guys? This can only come out of blatant misunderstanding of history.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#89
post #48

Earlier quoted context omitted.

Your answer is only part of the truth. Though Russia had lots of welwishers in Bulgaria, the heavy indoctrination happened during the communist rule 1945-1989. Many people whose best years were during this period are still alive and many are disappointed by the failures of the post 1989 governments. The topic is complex and filled in with lots of propaganda, so I won't get into disputes, just giving additional contex…

Agreed 100%. You'll find that sentiments towards Russia vary greatly depending on how old people are. Pro-Russia attitudes are aging out. I'm OK with that. Now we've got a generation of youth coming to power who get their world view from social media and thus see reality objectively.

Maybe not clear from my comment, but I'd say that many of the new generations are also disappointed by the post-communist governments, so you can't blame it all on the retirees.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#90

Earlier quoted context omitted.

By this logic most large scale human suffering before crypto was created by fiat. Most of current human suffering is still fiat. Crypto is barely a blip in the grand scheme and I don't see how it differs from, say, gambling.

No, the comment didn't say that most of the bad things were crypto, just that most of the crypto stuff was bad things. Sadly, this level where people don't distinguish "A subset of B" from "B subset of A" is typical to all discussions related to crypto.

Dude, reading comprehension much?

I literally started 'by that logic' to underline how broken the whole initial comment was!

Do only smart people use fiat? Like... it's not even worth dissecting your reply.

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